Citi has announced that CMTF Asset Management Limited, a joint venture between China Merchants Securities and Tai Fook Asset Management, is the latest hedge fund client to sign up to OpenPrime.
The announcement follows strong take-up of Citi's value-added buy-side desktop technology product in the region since its launch in late 2006.
CMTF Asset Management is a prime brokerage client of Citi Prime Finance, managing an equity long-short fund with a Greater China focus. It is also one of Hong Kong's most visible hedge fund managers, backed by the experience of China Merchants Securities and Tai Fook Asset Management.
OpenPrime will be used by CMTF Asset Management's SPC Greater China Fund. The CMTF SPC Greater China Fund includes hedging strategies, quantitative analysis and risk management models to control sophisticated investment portfolios that include various types of equities and derivatives. OpenPrime will enable CMTF to improve investment portfolio management and streamline operations through the use of trade capture, portfolio management, analytics and reporting, and portfolio accounting tools.
Yiqiu Han of CMTF Asset Management, said: "Through our co-operation with Citi Prime Finance, the CMTF SPC Greater China Fund will be able to further differentiate itself and manage the portfolio risks, system risks, industry sector risks and even individual stock risks. For us, OpenPrime will be an essential tool in this process."
Matthew Brown, Managing Director, Asia Pacific Head of Fund Services at Citi Global Transaction Services, said: "We are extremely pleased to welcome CMTF Asset Management as the latest hedge fund to sign on to OpenPrime. As regional hedge funds look to drive volumes, we expect to see OpenPrime develop into the leading front-to-back office portfolio management system."
Hannah Goodwin, Managing Director, Asia Pacific Head of Prime Finance at Citi, said: "Our prime broker clients are continually seeing the benefits provided by OpenPrime, and we feel privileged to deepen our existing relationship with CMTF Asset Management."
OpenPrime is a portfolio management and order management system that is prime broker agnostic. It allows funds to manage their positions in one place across multiple asset classes, strategies and prime brokers. Citi hosts the solution for its clients, managing all the technology and disaster recovery services. Fund managers can access the solution anywhere in the world through the Internet. OpenPrime, based on Linedata's Beauchamp technology, gives funds a comprehensive view across legal vehicles, strategies, sectors and counterparties, with immediate updates for every trade and price change.